First Bancshares, Inc. Announces Fourth Quarter Results; EPS ($1.05)

First Bancshares, Inc. FBSI today announced earnings for the fourth quarter and for its fiscal year ended June 30, 2010. For the quarter ended June 30, 2010, the Company had a net loss of $1.6 million, or $(1.05) per share – diluted, compared to a net loss of $1.0 million, or $(0.66) per share – diluted for the comparable period in 2009. The net loss for the year ended June 30, 2010 was $1.5 million, or $(0.96) per share – diluted, compared to a net loss of $4.0 million, or $(2.60) per share – diluted for the year ended June 30, 2009. The net losses for the quarter and year ended June 30, 2010 were attributable to decreases in net interest income and non-interest income, as well as the effect of providing a valuation allowance against deferred income tax assets.